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Balance at December 31, 2015 | $ | 193.7 | |
Increase in retirement obligation | 9.3 | ||
Accretion of closure and post-closure costs | 13.0 | ||
Change in estimate | (7.4 | ) | |
Costs incurred | (17.5 | ) | |
Balance at December 31, 2016 | 191.1 | ||
Increase in retirement obligation | 2.1 | ||
Accretion of closure and post-closure costs | 3.6 | ||
Costs incurred | (0.8 | ) | |
Assumption of long term care and closure reserves | 27.9 | ||
Balance at March 31, 2017 | 223.9 | ||
Less: Current portion | (30.2 | ) | |
$ | 193.7 |
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March 31, 2017 | December 31, 2016 | ||||||
Revolving line of credit with lenders (Revolver), interest at applicable rate plus margin, as defined (3.88% and 4.49% at March 31, 2017 and December 31, 2016, respectively) due quarterly; balance due at maturity in November 2021 | $ | 22.0 | $ | — | |||
Term loans (Term Loan B); quarterly payments of $3.75 commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,476.3 | 1,480.0 | |||||
Senior notes (Senior Notes) payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024 | 425.0 | 425.0 | |||||
Capital lease obligations, maturing through 2024 | 45.6 | 42.5 | |||||
Other debt | 13.9 | 15.1 | |||||
1,982.8 | 1,962.6 | ||||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (37.7 | ) | (39.1 | ) | |||
Less: Current portion | (56.5 | ) | (36.5 | ) | |||
$ | 1,888.6 | $ | 1,887.0 |
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Balance Sheet Location | March 31, 2017 | December 31, 2016 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
2016 Interest rate caps | Other long term assets | $ | 1.5 | $ | 2.3 | |||||
Total derivatives | $ | 1.5 | $ | 2.3 |
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Service Revenues | Operating Income (Loss) | Depreciation and Amortization | |||||||||
Three Months Ended March 31, 2017 | |||||||||||
South | $ | 135.5 | $ | 22.2 | $ | 19.1 | |||||
East | 86.1 | (2.6 | ) | 17.5 | |||||||
Midwest | 125.8 | 11.3 | 22.6 | ||||||||
Corporate | — | (19.6 | ) | 2.2 | |||||||
$ | 347.4 | $ | 11.3 | $ | 61.4 | ||||||
Three Months Ended March 31, 2016 | |||||||||||
South | $ | 128.6 | $ | 20.7 | $ | 19.1 | |||||
East | 82.9 | 2.8 | 16.9 | ||||||||
Midwest | 122.3 | 11.4 | 22.9 | ||||||||
Corporate | — | (21.9 | ) | 1.9 | |||||||
$ | 333.8 | $ | 13.0 | $ | 60.8 |
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Fair Value Measurement at March 31, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.7 | $ | 1.7 | $ | — | $ | — | $ | — | $ | 1.7 | |||||||||||
Interest rate caps - asset position | 1.5 | — | 1.5 | — | — | 1.5 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.2 | $ | 1.7 | $ | 1.5 | $ | — | $ | — | $ | 3.2 | |||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Interest rate caps - asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
March 31, 2017 | December 31, 2016 | ||||||
Revolver | $ | 22.0 | $ | — | |||
Senior Notes | 430.8 | 425.5 | |||||
Term Loan B | 1,488.3 | 1,495.7 | |||||
$ | 1,941.1 | $ | 1,921.2 |
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March 31, 2017 | |||
Current assets | $ | 3.3 | |
Property and equipment | 58.8 | ||
Goodwill | 26.8 | ||
Other intangible assets | 4.1 | ||
Total assets acquired | 93.0 | ||
Current liabilities | 3.8 | ||
Accrued landfill retirement obligations | 3.9 | ||
Deferred tax liability | 17.4 | ||
Total liabilities assumed | 25.1 | ||
Net assets acquired | $ | 67.9 |
March 31, 2017 | |||
Customer lists and contracts | $ | 3.8 | |
Noncompete | 0.1 | ||
Other | 0.2 | ||
$ | 4.1 |
Customer lists and contracts | 16 |
Noncompete | 5 |
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Balance at December 31, 2015 | $ | 193.7 | |
Increase in retirement obligation | 9.3 | ||
Accretion of closure and post-closure costs | 13.0 | ||
Change in estimate | (7.4 | ) | |
Costs incurred | (17.5 | ) | |
Balance at December 31, 2016 | 191.1 | ||
Increase in retirement obligation | 2.1 | ||
Accretion of closure and post-closure costs | 3.6 | ||
Costs incurred | (0.8 | ) | |
Assumption of long term care and closure reserves | 27.9 | ||
Balance at March 31, 2017 | 223.9 | ||
Less: Current portion | (30.2 | ) | |
$ | 193.7 |
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March 31, 2017 | December 31, 2016 | ||||||
Revolving line of credit with lenders (Revolver), interest at applicable rate plus margin, as defined (3.88% and 4.49% at March 31, 2017 and December 31, 2016, respectively) due quarterly; balance due at maturity in November 2021 | $ | 22.0 | $ | — | |||
Term loans (Term Loan B); quarterly payments of $3.75 commencing March 31, 2017 through September 30, 2023 with final payment due November 10, 2023; interest at an alternate base rate or adjusted LIBOR rate with a 0.75% floor plus an applicable margin | 1,476.3 | 1,480.0 | |||||
Senior notes (Senior Notes) payable; interest at 5.625% payable in arrears semi-annually commencing May 15, 2017; maturing on November 15, 2024 | 425.0 | 425.0 | |||||
Capital lease obligations, maturing through 2024 | 45.6 | 42.5 | |||||
Other debt | 13.9 | 15.1 | |||||
1,982.8 | 1,962.6 | ||||||
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt | (37.7 | ) | (39.1 | ) | |||
Less: Current portion | (56.5 | ) | (36.5 | ) | |||
$ | 1,888.6 | $ | 1,887.0 |
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Balance Sheet Location | March 31, 2017 | December 31, 2016 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||
2016 Interest rate caps | Other long term assets | $ | 1.5 | $ | 2.3 | |||||
Total derivatives | $ | 1.5 | $ | 2.3 |
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Service Revenues | Operating Income (Loss) | Depreciation and Amortization | |||||||||
Three Months Ended March 31, 2017 | |||||||||||
South | $ | 135.5 | $ | 22.2 | $ | 19.1 | |||||
East | 86.1 | (2.6 | ) | 17.5 | |||||||
Midwest | 125.8 | 11.3 | 22.6 | ||||||||
Corporate | — | (19.6 | ) | 2.2 | |||||||
$ | 347.4 | $ | 11.3 | $ | 61.4 | ||||||
Three Months Ended March 31, 2016 | |||||||||||
South | $ | 128.6 | $ | 20.7 | $ | 19.1 | |||||
East | 82.9 | 2.8 | 16.9 | ||||||||
Midwest | 122.3 | 11.4 | 22.9 | ||||||||
Corporate | — | (21.9 | ) | 1.9 | |||||||
$ | 333.8 | $ | 13.0 | $ | 60.8 |
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Fair Value Measurement at March 31, 2017 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.7 | $ | 1.7 | $ | — | $ | — | $ | — | $ | 1.7 | |||||||||||
Interest rate caps - asset position | 1.5 | — | 1.5 | — | — | 1.5 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.2 | $ | 1.7 | $ | 1.5 | $ | — | $ | — | $ | 3.2 | |||||||||||
Fair Value Measurement at December 31, 2016 Reporting Date Using | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Carrying Value | ||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||
Interest rate caps - asset position | 2.3 | — | 2.3 | — | — | 2.3 | |||||||||||||||||
Total recurring fair value measurements | $ | 3.5 | $ | 1.2 | $ | 2.3 | $ | — | $ | — | $ | 3.5 |
March 31, 2017 | December 31, 2016 | ||||||
Revolver | $ | 22.0 | $ | — | |||
Senior Notes | 430.8 | 425.5 | |||||
Term Loan B | 1,488.3 | 1,495.7 | |||||
$ | 1,941.1 | $ | 1,921.2 |
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March 31, 2017 | |||
Current assets | $ | 3.3 | |
Property and equipment | 58.8 | ||
Goodwill | 26.8 | ||
Other intangible assets | 4.1 | ||
Total assets acquired | 93.0 | ||
Current liabilities | 3.8 | ||
Accrued landfill retirement obligations | 3.9 | ||
Deferred tax liability | 17.4 | ||
Total liabilities assumed | 25.1 | ||
Net assets acquired | $ | 67.9 |
March 31, 2017 | |||
Customer lists and contracts | $ | 3.8 | |
Noncompete | 0.1 | ||
Other | 0.2 | ||
$ | 4.1 |
Customer lists and contracts | 16 |
Noncompete | 5 |
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